Manzil's Murabaha Mortgage is a fixed rate product where Manzil purchases the property you wish to acquire from the the seller, then sells it to you at a higher price with the profit included. You have title on the property immediately, with a mortgage on the property in favour of Manzil which is discharged once you complete the payment of the sale price.
A Murabaha transaction is a contract where one party sells an asset to another party at a profit, with the agreement that the buyer will pay the seller the cost of the asset plus the agreed-upon profit in instalments. This type of financing is considered to be Halal because it is based on a sale transaction, as well as the principles of transparency and fairness. By opposition to a loan that generates an ongoing interest that accrues only by advancement of time and that will add up to the principle in case of late payment or default.
Follow these 4 simple steps and you’re good to go!
Agree upon the Islamic mortgage repayment terms and submit your pre-application form online.
Select your property and enter into a purchase and sale agreement on behalf of Manzil.
Plus the agreed upon profit – taking into account your personal credit, risk profile, the value of the property, length of repayment term, and amount of your deposit.
Sale is recorded in a Murabaha mortgage contract.
See for yourself how a Murabaha mortgage can save you money and time by not having to worry about renewals!
Non-Compounded Rates
Non-Recourse Mortgage
Open Fixed Rates For up to 25 Years
No Renewal Risk
No Pre-Payment Penalty
No profiting off of Delayed Payments
No profiting off of Late Payments
We’re End-to-End Shariah Compliant
Fixed Murabaha rates with terms up to 25 years
Competitive Rates
It’s Easy to Apply
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